The Woy Woy Hotel sells for $32 million to Harvest Hotels
The beers might have started flowing across NSW for the first time in months on Monday, but the owner of one Central Coast pub had an extra reason to smile.
The long-term owners of The Woy Woy Hotel have sold the establishment for $32 million to Harvest Hotels, who are rapidly expanding their operations across regional NSW.
Located 350m from Woy Woy railway station, the pub had been one of the most sought-after hotels in the region due to its location, large trading footprint, 30 gaming machines, under-utilised accommodation offering and drive thru bottle shop.
The McIntyre family have owned and operated the “Old Woy Woy Pub” as it’s affectionately known since the late 1990s. Career Auro McIntyre is set to hand the keys to Harvest in December when he retires and said he can’t wait to have his first Christmas off in decades.
“For me, I felt the time was perfect and am really excited for the Harvest team – they have certainly got themselves a special hotel,” Mr McIntyre said.
The deal was brokered by Ben McDonald of JLL Hotels & Hospitality Group. Mr McDonald said the buyer was attracted to the property because of the assets’ core attributes and potential to add value.
“In our view, the Woy Woy Hotel is one that is extremely hard to replicate given the undeniable trading proposition, key growth location and limited opportunity to enter the Central Coast market,” he said.
Harvest Hotels director Fraser Haughton said The Woy Woy Hotel ticked all the boxes for everything they look for in a pub.
“When the opportunity to purchase this iconic coastal venue arose, we felt it was the perfect addition to our portfolio and the right pub to kick off Harvest Pub Fund 2,” he said.
Despite several lockdowns during the pandemic, the pub market has boomed as hoteliers look to cash in on favourable buying conditions to add to their portfolios.
Hospitality billionaire Justin Hemmes has added several pubs to his Merivale portfolio including the $13.5 million purchase of Cheeky Monkey in Byron Bay, Norton’s Irish Pub for $24 million and $1 million for the Quarterdeck Hotel in Narooma.
Other pubs that have changed hands include The Great Northern Hotel and Lateen Lane Hotel in Byron Bay for circa $80m and the Grand Hotel in Newcastle.